800.51W89 U.S.S.R./22: Telegram
The Secretary of State to the Ambassador in the Soviet Union (Bullitt)
11. Your 13, March 15, 1 a.m. For your information President is convinced that the proposal relative to debts and claims which you are discussing with Litvinoff is reasonable but he is willing to give consideration to any not vital modifications insisted upon by Litvinoff which you may recommend.
You may inform Litvinoff that the President expressly states that he has never had any thought of a direct loan to the Soviet Government and that there is not the slightest possibility of such a loan being made.
The Board of Trustees of the Export-Import Bank has passed a resolution with the President’s approval to the effect that the Bank shall not engage in any credit transactions to facilitate Soviet purchases in the United States until the Soviet Government has submitted a debt adjustment proposal acceptable to the President.